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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2012
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Schedule of breakdown of separation cash outflows | The breakdown of Separation cash outflows were as follows (in millions):
|  | Separation Cash Outflows |
Capital contribution to A&B |  | $ | 155.7 |
Separation costs |  | 8.6 |
Capitalized debt financing costs |  | 1.9 |
Total cash outflow related to the Separation |  | $ | 166.2 |
Schedule of fair value measurement |
|  | Carrying Value at |  | Fair Value Measurements at |
|  | December 31, 2012 |  | December 31, 2012 |
(in millions) |  | Total |  | Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |
Cash & cash equivalents |  | $ | 19.9 |  | $ | 19.9 |  | $ | 19.9 |  | $ | — |  | $ | — |
Accounts and notes receivable |  | 174.7 |  | 174.7 |  | — |  | 174.7 |  | — |
Variable rate debt |  | 24.0 |  | 24.0 |  | — |  | 24.0 |  | — |
Fixed rate debt |  | 295.1 |  | 316.8 |  | — |  | 316.8 |  | — |
|  | Carrying Value at |  | Fair Value Measurements a |
|  | December 31, 2011 |  | December 31, 2011 |
(in millions) |  | Total |  | Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |
Cash & cash equivalents |  | $ | 9.8 |  | $ | 9.8 |  | $ | 9.8 |  | $ | — |  | $ | — |
Accounts and notes receivable |  | 167.7 |  | 167.7 |  | — |  | 167.7 |  | — |
Variable rate debt |  | 61.0 |  | 61.0 |  | — |  | 61.0 |  | — |
Fixed rate debt |  | 136.5 |  | 148.1 |  | — |  | 148.1 |  | — |
Schedule of changes in the allowance for doubtful accounts, included on the consolidated balance sheets as an offset to Accounts and notes receivable | The changes in the allowance for doubtful accounts, included on the consolidated balance sheets as an offset to “Accounts and notes receivable,” for the three years ended December 31, 2012 were as follows (in millions):
|  | Balance at Beginning of year |  | Expense |  | Write-offs and Other |  | Balance at End of Year |
2012 |  | $ | 5.3 |  | $ | 0.7 |  | $ | (1.3 | ) | $ | 4.7 |
2011 |  | $ | 6.1 |  | $ | — |  | $ | (0.8 | ) | $ | 5.3 |
2010 |  | $ | 8.1 |  | $ | — |  | $ | (2.0 | ) | $ | 6.1 |
Schedule of estimated useful lives of property |
Classification |  | Range of Life (in years)
Vessels |  | 10 to 40
Machinery and equipment |  | 2 to 20
Terminal facilities |  | 3 to 35
Schedule of changes in the carrying amount of goodwill | The changes in the carrying amount of goodwill for the years ended December 31, 2012 and 2011 were as follows (in millions):
|  | Goodwill |
Balance, December 31, 2010 |  | $ | 27.0 |
Additions |  | — |
Balance, December 31, 2011 |  | 27.0 |
Additions |  | — |
Balance, December 31, 2012 |  | $ | 27.0 |
Schedule of intangible assets | Intangible assets for the years ended December 31 included the following (in millions):
|  | 2012 |  | 2011 |
|  | Gross |  |  |  |  |  | Gross |  |  |
|  | Carrying |  | Impairment |  | Accumulated |  | Carrying |  | Accumulated |
|  | Amount |  | Charges |  | Amortization |  | Amount |  | Amortization |
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |
Customer lists |  | $ | 11.8 |  | $ | (2.1 | ) | $ | (6.2 | ) | $ | 11.8 |  | $ | (5.6 | )
Other |  | 3.8 |  | — |  | (3.4 | ) | 3.8 |  | (3.3 | )
Total assets |  | $ | 15.6 |  | $ | (2.1 | ) | $ | (9.6 | ) | $ | 15.6 |  | $ | (8.9 | )
Schedule of estimated amortization expenses related to intangibles | Estimated amortization expenses related to intangibles over the next five years are as follows (in millions):
|  | Estimated Amortization |
2013 |  | $ | 0.7 |
2014 |  | 0.7 |
2015 |  | 0.7 |
2016 |  | 0.7 |
2017 |  | 0.7 |
Thereafter |  | 0.4 |
Total |  | $ | 3.9 |
Schedule of Basic and Diluted Earnings Per Share | The denominator used to compute basic and diluted earnings per share is as follows (in millions):
|  | Year Ended December 31, 2012 |  | Year Ended December 31, 2011 |  | Year Ended December 31, 2010 |
|  |  |  | Weighted |  | Per |  |  |  | Weighted |  | Per |  |  |  | Weighted |  | Per |
|  |  |  | Average |  | Common |  |  |  | Average |  | Common |  |  |  | Average |  | Common |
|  | Net |  | Common |  | Share |  | Net |  | Common |  | Share |  | Net |  | Common |  | Share |
|  | Income |  | Shares |  | Amount |  | Income |  | Shares |  | Amount |  | Income |  | Shares |  | Amount |
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 52.0 |  | 42.3 |  | $ | 1.23 |  | $ | 45.8 |  | 41.6 |  | $ | 1.10 |  | $ | 70.5 |  | 41.2 |  | $ | 1.71 |
(Loss) income from discontinued operations |  | (6.1 | ) | 42.3 |  | (0.14 | ) | (11.6 | ) | 41.6 |  | (0.28 | ) | 21.6 |  | 41.2 |  | 0.52 |
|  | 45.9 |  |  |  | $ | 1.09 |  | 34.2 |  |  |  | $ | 0.82 |  | 92.1 |  |  |  | $ | 2.23 |
Effect of Dilutive Securities |  |  |  | 0.4 |  |  |  |  |  | 0.4 |  |  |  |  |  | 0.3 |  |  |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | 52.0 |  | 42.7 |  | 1.22 |  | 45.8 |  | 42.0 |  | 1.09 |  | 70.5 |  | 41.5 |  | 1.70 |
(Loss) income from discontinued operations |  | (6.1 | ) | 42.7 |  | (0.14 | ) | (11.6 | ) | 42.0 |  | (0.28 | ) | 21.6 |  | 41.5 |  | 0.52 |
|  | $ | 45.9 |  |  |  | $ | 1.08 |  | $ | 34.2 |  |  |  | $ | 0.81 |  | $ | 92.1 |  |  |  | $ | 2.22 |

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